Your company needs a business bank account

When you're starting a business, one of the first things you need to do is establish a bank account in the business' name. This may seem like an unnecessary extra step, but it's actually very important for several reasons. In this blog post, we'll discuss some of the benefits of having a business bank account and explain why we recommend setting one up as soon as your company starts making money.

So, should your business open a bank account? The answer is definitely yes - here are just a few of the reasons why: 

One of the biggest benefits of having a business bank account is that it helps you keep your finances organized. When all of your company's transactions are in one place, it's much easier to track your income and expenses and make sure that you're staying on top of your budget. A business bank account also makes it easier to file taxes,  since you can simply print out a statement of your account activity to include with your tax return.

Another benefit of having a business bank account is that it gives you a separate source of funding for your company. This can be helpful if you need to borrow money or if you want to start saving for future expenses. A business bank account also makes it easier to accept payments from customers, since you can easily transfer money into and out of your account.

Having a business bank account can help protect your personal finances in the event that your business fails. If your company goes bankrupt, any money that was deposited into the business bank account will be protected - but any money that was transferred to your personal bank account will likely be lost. 

Finally, having a business bank account can help you establish a credit history for your company. This is important if you want to eventually borrow money from a lender or get a loan. A good credit history makes it easier to get approved for financing, and can also result in lower interest rates.

So, if you're looking for a way to stay organized and keep your finances separate, a business bank account is a great option.